This is the same argument that people had with bitcoin. Theyāve done just fine. Peercoin has been open source from the start, and innovated POS. Itās been the top POS coin until NXT passed it, and even right now the market cap isnāt that different. I think this clone argument is tiring because the history shows that the innovators stay on top if they keep project momentum going.
If someone clones Nu and stays closed source then theyāre in the same boat as us with developers losing interest, or not wanting to support a closed source projectā¦ If they go open source with their idea (and itās good) we can merge it into our system and continue on. Iām really not worried about NuLite or NuDoge or NuNXT or whatever pops up.
VCās arenāt going to take an interest in Nu. At least not in the codebase itself. Relating the Coinbase VC funding (a centralized company that plays the game within regulations, and has proven itself for almost two years) to a codebase that requires a lot of overhead to maintain in a decentralized fashion is not an apples to apples comparison. I would rather see developers build cool projects that VCās want to invest in that work within the NuBits ecosystem. They canāt do that until weāre open source. Thereās more risk than reward in trusting a closed source network.
At this point I wouldnāt mind seeing how a competitor attracts custodians. Whatever weāre doing isnāt working. Itās already scarce.
We donāt just need more developers working on the core project. We need developers to take all the cool projects that have been coded for crypto over the past five years and port them over to NuBits, or develop unique projects that would only be possible with a stable coin like NuBits. Open sourcing is not just about development of the core wallet or protocol itself. It allows other projects and services to form around Nu that support it.
This has already happened. When I find the tweet iāll post it here but a major exchange with deep USD liquidity will not touch NuBits until weāre open source. (bittrex or bitfinex or someting) Theyāre literally waiting for us to go open source to add us. Theyāre not going to take a leap of faith on us to help us grow. We, as a project and community, have to take that leap. I monitor twitter constantly and see people complaining about not being interested because weāre closed source. I have messages in my reddit inbox from developers upset because they want to develop things for Nu but they canāt because weāre closed source. Those are only the vocal individuals and many more probably just keep walking by because we have a huge lock and chain wrapped around our door. Individual motions for certain individuals to access the source code doesnāt solve that.
This is exactly why would should go open source sooner than later. @sigmike and @erasmospunk are both very talented but flaws happen in code. We should allow MANY people to review the code. Especially changes before currency burning are implemented. The more complexity we add to the codebase before it becomes open the more potential flaws can be exploited upon release. To me, the longer we wait to release the code the greater the risk for exploits. At this early stage we would be able to fix the problems and recover quickly without many people being affected. Why everyone keeps listing that big exchanges, or tons of investment money should be involved with Nu before we even have a proper code audit seems totally backwards to me. People have to trust you before theyāre going to throw money in your direction. Open sourcing now means we can strengthen the code and improve trust rather than potentially break that trust later if a critical flaw is discovered that impacts many people/businesses.
I think we can get a far better code audit for free just by going open source anyway. I understand the concern and desire for this though.
I think he had different intentions than us when he started that project, and he was working from scratch. Weāre a fully released project. Again, I donāt think this is an apples to apples comparison.
As I said in my first reply, crypto-innovations have been favorable to first movers. If we keep project momentum going weāll be fine. Lack of developer interest or community support is what kills projects. I think we can improve both of those areas significantly if we go open source now.
I feel these limitations to NuBot shouldnāt impact our decision to release the main client code. NuBots focus is on crypto exchanges, but opening up the main codebase would allow for projects like the bitcoin lighthouse to be built. Something like that has nothing to do with NuBot and would help give more uses for NuBits right now. NuBot is important to the project, but I donāt think we should live in this binary mindset that Nu can only exist with NuBot. There may be better ways to approach our operation and giving people access to the code could help spark that path to discovery.
Trust goes a long way. We can greatly increase trust by going open source. We can also prevent catastrophic flaws in the system by squashing them early before too many people would be impacted by going open source much later.
I donāt think offering an inflation-adjusted currency provides any benefit to the network, and others on the team have shared this sentiment. Lets focus on doing one think really well right now, and cleanse the codebase through open audits before it gets too complex with all these other currency and asset ideas.
Many more block explorers can be created if people had access to the code.
(we have two, and one supports NSR)
This is such a weird and arbitrary point. Considering many of the top crypto-news networks are pay to play I donāt think we should let their coverage impact the decision making process of our projects milestones.
Again. Such an arbitrary number. I donāt think this should even be a point of consideration to be honest.
Major exchanges arenāt going to trust binaries they didnāt compile themselves. Weāve already had one exchange tell us this directly on twitter. They have more to lose than they have to gain. Itās in our best interest to make them feel comfortable supporting us by releasing the code.
This is the only point that I would agree with, but given that the difficult has increased significantly since JLās last update at 60% distributed I would say weāre at a very comfortable distribution by now. I would be happy with 50%+ but I do understand the desire here.
TL;DR
Nu is ready to drop the diapers and enjoy running around outside on its own. There may be some bumps and bruises attributed with that, but itās part of the growing process. Open audit of the code base is the cheapest way to verify we have a secure product before people have a major reliance on Nu that could be impacted through discovered flaws. Through the trust of having an open system and tightening all the loose ends weāll be able to attract bigger exchanges, more ancillary projects, and in turn allow developers to build a diverse ecosystem of services related to Nu without the core team acting as gatekeepers. Even if the motion passed tomorrow it clearly states that weāll have up to a month and a half to release the code. Thatās ample time to address existing concerns and to prepare for any unknowns that may arise after code release.
I know we all want what is best for the project, but I think many of the existing concerns are either unfounded or have been resolved already. Letās take the next step for NuBits to grow as a crypo-project and stop living in fear. The potential is great for this to be really bad or really good for Nu, but the outcome will not be based on a coin flip. It will be based on the continued effort of the developers and community to move Nu forward. I think we have enough momentum to reach that really good potential and we canāt do it until we make it past this milestone.
